Q2 resultsSales came in at SEK 10m (vs. ABGSCe 16m, 6.5m LY). Sales was driven by Coating Services, with no machine deliveries in the quarter (in line with estimates). Although the quarter was absent of deliveries, the company has two orders pending for deliveries in its backlog. EBIT was SEK -13m (vs. ABGSCe -8.5m), with the loss narrowing y-o-y on a lower personnel run-rate as the 2024 cost programme reaches full effect. The company ended the quarter with a cash balance of SEK 15m (31m LY). Estimates and outlookOn numbers alone, '26e-'28e sales change by -6%, and EBIT adj. changes by SEK -5m. After the quarter, Impact completed the HJWAVE IC500 delivery; that system and LINDBERG/Kering IC500 sit in backlog. Management states the 11 new paying customers (three in SOFC) point to growing solid-oxide opportunities, while noting volumes are still low. It views automotive as cautious in line with the weaker end-market, and the soft Chinese fuel-cell order intake as a timing shift rather than a change in demand. ValuationThe share has returned -2% L3M (vs. peer median +0% and OMX Stockholm Allshare +4%), and is currently trading at 3.1x-2.1x '26e-'28e EV/Sales on our pre-report estimates vs. the peer median of 2.3x-0.8x. The company will be hosting a presentation in connection with its Q2 report at 11:00 CEST. Link here. | 
